Mitsui OSK Lines (MOL) of Japan and a strategic minority investor have signed definitive agreements to acquire strategic stake in six group companies of Reliance Industries (RIL), each of which own Very Large Ethane Carriers (VLEC). The financial terms of the deal were not disclosed.
RIL holds the stake in the VLECs through a wholly-owned subsidiary Reliance Ethane Holding Pte Ltd (REHPL). Following the completion of the transaction, which is subject to regulatory approvals, the six group companies (Special Purpose Vehicles) will be jointly controlled by REHPL and MOL, RIL said in a statement.
